SYRACUSE, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse.. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.
RED BANK, N.J. — Kislak Co. Inc. has arranged the $6.2 million sale of The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, approximately 50 miles south of New York City. Located along the Navesink River at 151 Bodman Place, the four-story building was built in 1982 and renovated in 2013. At the time of sale, tenants primarily included law and investment firms as well as shipping and office equipment companies. The buyer intends to upgrade the building with a focus on green initiatives and technology. Daniel Lanni of Kislak represented the seller, Navesink Investments LLC, in the transaction. Lanni also procured the buyer, National Realty Partners LLC.
CHICAGO AND KANSAS CITY — Berkadia’s Mid-Markets Group has arranged the sales of six multifamily properties totaling 945 units for $72.6 million. The communities are located in secondary and tertiary markets across Illinois, Kansas, Missouri, Oklahoma, Arkansas and Idaho. Of the 945 units, 451 are located in the Midwest region. The properties include: Bowen Tower in Raytown, Mo.; Village Woods in Milan, Ill.; Brickstone at Woodland in Wichita, Kan.; Wilmington Apartments in North Little Rock, Ark.; London Square in Tulsa, Okla.; and Central Pointe in Boise, Idaho. Alex Blagojevich, Michael Sullivan, Ralph DePasquale, Patrick Jordan, Chris Bruzas, Parker Stewart, Brett Meinzer, Chris Gentry and Dominic Martinez of Berkadia brokered the sales. The team also arranged $38.4 million in acquisition financing for four of the properties.
SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.
KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has acquired the Sun Fresh on Blue Parkway for an undisclosed price. The grocery-anchored retail center is situated east of Prospect Avenue in Kansas City. CBKC established Blue Parkway Grocers LLC as a for-profit entity to operate the store. The current operator is retiring. The center, which is more than 90 percent leased, is part of a larger real estate and asset management portfolio owned by CBKC that consists of 700 residential units and 200,000 square feet of commercial and retail space. The asset is adjacent to a 69,000-square-foot office building where CBKC is headquartered.
HOUSTON — NAI Partners Investment Fund III has acquired Avera Commerce Center, a 245,495-square-foot industrial flex property located in the southwestern Houston suburb of Stafford. The property consists of 16 buildings that are situated on a 14.5-acre tract. Andrew Pappas and Adam Hawkins of NAI Partners closed the deal on behalf of the fund. The seller was not disclosed. Amegy Bank provided acquisition financing for the transaction. Following this acquisition, NAI Partners’ Investment Fund platform now spans more than 1 million square feet of commercial space.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 41,684-square-foot industrial building in Greenville, located northeast of Dallas. The property was built on 5.2 acres in 1980, expanded in 2007 and is leased to Martin Saddlery, a provider of equestrian accessories. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer and additional terms of sale were not disclosed.
SCOTTSDALE, ARIZ. — Los Angeles-based Route 66 Properties has purchased a creative office property and airplane hangar at 7350 E. Evans Road within the Scottsdale Airpark. ICIC Commercial Investments sold the assets for $8.5 million. Situated on 2.6 acres, the property was 72 percent leased at the time of sale. The acquisition included four office buildings, totaling 33,438 square feet, and a 6,082-square-foot airplane hangar. The office complex recently underwent a $2 million renovation to include hard-lit ceilings, generous clear heights, abundant glass, an open courtyard, exposed duct work, concrete floors and an open office environment. The hangar features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Additionally, 10 percent of the hangar facility is improved as office space. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, along with Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE Phoenix, represented the seller in the deal.
HURON, CALIF. — Stan Johnson Co. has arranged the sale of a freestanding retail building located at 36281 Lassen Ave. in Huron. A California-based, high-net-worth individual acquired the asset from a Georgetown, Texas-based developer for $2.2 million. Asher Wenig of Stan Johnson Co. represented the buyer in the transaction. Dollar General occupies the 9,100-square-foot building, which was built in 2019. At the time of the sale, there were more than 14 years left on the tenant’s triple-net lease.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a two-property, 571-unit self-storage portfolio operated by Pennsylvania-based REIT CubeSmart in Texarkana, a city located near the Texas-Arkansas border. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction. A California-based buyer purchased the portfolio, which consists of 85,656 net rentable square feet, for an undisclosed price.